这个周末的消息确实不少，首先我们来看看美股的波动。这次波动主要是因为美联储降息预期出现了大 幅变化，同时还有消息称鲍威尔可能会辞职。关于鲍威尔辞职的消息，我个人认为更像是假消息，更像 是特朗普在给美联储施压，希望美联储在12月份再次降息。这种手段我们之前已经见过很多次了，比如 特朗普之前也曾放出过要罢免鲍威尔的消息，其实目的都是在给美联储施压。至于鲍威尔是否真的会辞 职，今晚就能见分晓。不过，我觉得作为散户，我们没有必要因为这件事做出任何操作，因为这对A股 的边际影响其实并不大，美联储主席的更替对我们A股的直接影响有限。不过，如果鲍威尔真的辞职， 可能会对美国的主权信用产生一定影响，这相当于特朗普施压导致的辞职，说明美国内部存在一些问 题，间接影响美元和美债，传导之下也许会对A股产生一些影响。 再说说国内的消息，电影《疯狂动物城2》的票房刷新了记录。这其实和去年《哪吒》的情况类似，当 时《哪吒》表现强劲，光线传媒(300251)的股价也随之连续飙升。对于散户来说，如果已经提前布局了 相关影视股，建议按照自己的止盈点设置好，如果没有先手，我的建议是不要去追。因为一旦股价加速 上涨，获利盘的抛售概率会增大，你很难 ...

相较于CoWoS，EMIB的优势主要集中在面积与成本上。 在谷歌加冕"新王"之际，算力芯片格局也随着TPU的横空出世而生变。与之对应的，先进封装技术作为 高效能运算的配套方案，或将同步开启转型的步伐。 据Trendforce最新观察，谷歌、Meta等北美云端服务业者（CSP）开始积极与英特尔接洽EMIB解决方 案。报告指出，随着谷歌决定在2027年TPU v9导入EMIB试用，Meta亦积极评估规划用于其MTIA产 品。 什么是EMIB？简单来说，这是英特尔推出的一种2.5D先进封装技术。尽管台积电的CoWoS长期在该领 域占据主导地位，但EMIB却凭借自身优势悄然吸引着市场的注意。据悉，苹果日前发布DRAM封装工 程师招聘需求，要求具备CoWoS、EMIB、SoIC和PoP等先进封装技术经验。而高通为其数据中心业务 部门招聘的产品管理总监职位也要求熟悉EMIB技术。 除此之外，据报道，美满电子、联发科等同样考虑为ASIC项目导入英特尔EMIB先进封装。究其原因， TrendForce指出，AI HPC（高效能运算）需求旺盛导致CoWoS面临产能短缺、光罩尺寸限制，以及价格 高昂等问题。 更进一步而言，EMI ...

Core Insights - The article emphasizes that artificial intelligence (AI) is reshaping the global technology landscape through an unprecedented hardware-driven investment supercycle, with capital expenditures for AI-optimized data centers expected to exceed $7 trillion by 2030 [1][36] - This surge is attributed to two structural transformations: the industrialization of generative AI models and the physical construction of hyperscale computing facilities capable of training trillion-parameter systems [1] - Major hyperscale data center operators are projected to account for over $320 billion of this investment, with significant contributions from companies like Amazon, Microsoft, Google, and Meta [1] AI Infrastructure Investment - The current wave of AI investment marks a structural breakthrough compared to traditional cloud computing cycles, focusing on throughput density rather than just computational elasticity [4] - The semiconductor market for data centers is expected to grow significantly, with a 44% year-over-year increase in Q2 2025 and a further 33% growth in 2026 [4] - The AI supercycle is leading to a "computational economy," where every dollar spent on AI directly translates into downstream demand for semiconductors, power infrastructure, and specialized cooling systems [4] Semiconductor Industry Dynamics - The AI revolution is altering the growth trajectory of the semiconductor industry, making it the foundational layer of the global computational economy [5] - NVIDIA reported Q3 revenue of $57.01 billion, exceeding market expectations, with data center revenue growing 66% year-over-year [5] - Major cloud service providers are expected to increase their AI spending by 34% to $440 billion over the next 12 months, highlighting the concentration of AI demand among hyperscale operators [5] Custom Chip Trends - The adoption of custom chip designs is accelerating among hyperscale data centers, marking a significant shift in the semiconductor industry [20] - Companies like Amazon, Google, Microsoft, and Meta are transforming chip design into a core competitive strategy, with Amazon's Trainium2 and Inferentia2 chips offering better cost-performance ratios than NVIDIA's offerings [20][23] - This shift allows hyperscale data centers to better control costs, enhance energy efficiency, and improve supply chain resilience [20] Power and Cooling Innovations - The rapid growth of AI infrastructure is pushing power and cooling constraints to the forefront, with global data center power demand expected to exceed 1,000 terawatt-hours by 2026 [16] - Companies are securing long-term power agreements to ensure energy supply, with significant investments in nuclear and renewable energy sources [16] - Cooling management is becoming critical, with over 40% of new GPU clusters expected to adopt advanced cooling systems by the end of 2026 [17] Strategic Collaborations - Notable collaborations between major players are shaping the AI infrastructure landscape, including NVIDIA's $5 billion investment in Intel to develop next-generation AI infrastructure [27] - Microsoft has secured a $17.4 billion multi-year agreement with Nebius for dedicated GPU computing capacity, while AMD and OpenAI have established a supply agreement for up to 6 gigawatts of Instinct GPUs [28][29] - These partnerships are indicative of a broader trend where hyperscale operators are becoming active architects in the semiconductor ecosystem [27][29] Future Outlook - By 2030, the semiconductor industry is expected to evolve into a geopolitical and industrial competition centered around capacity control and ecosystem dominance [32] - The AI infrastructure investment is projected to exceed $7 trillion, fundamentally altering the power dynamics within the semiconductor supply chain [32] - The industry's future will depend on integrating energy efficiency, supply chain resilience, and ecosystem coordination to navigate geopolitical challenges and ensure sustainable growth [37][41]

美股三大指数上周五全线收涨，道指上涨0.61%，标普500指数涨幅0.54%，纳指收高0.65%。科技股走 势分化显著，英特尔因市场预期其重返苹果供应链而暴涨10%，而英伟达等部分AI概念股延续调整，市 场情绪受美联储12月降息预期升温提振。 美股核心宽基：标普ETF（159655） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 短期市场焦点集中于美联储12月政策会议，而美国政府停摆后经济数据的发布仍存延迟可能，或加剧资 产价格波动。关注科技股业绩指引及全球铜银等工业金属供需格局变化。 相关ETF： 全球科技龙头：纳斯达克ETF（513300） 纳斯达克中国金龙指数微升0.54%，个股表现分化。有道涨超10%，霸王茶姬涨超6%，小鹏汽车涨超 3%，阿里巴巴、美团小幅下跌。 商品市场中，现货白银因库存紧张与逼空行情大涨，突破57美元创历史新高；伦铜供应担忧下同步刷新 纪录，伦敦金现货价格站上4200美元/盎司。 ...

泡沫的主要标志：供给侧的贪婪 --- The Cardinal Sign of a Bubble: Supply-Side Gluttony Our bankruptcy, contracts, and property laws and case law are well-tested and protect this innovative impulse while leaving other countries squinting. 我们的破产、合同和财产法律以及判例法经过充分检验，既保护了这种创新冲动，又让其他国家 望而却步。 It is glorious. And it is not about thinking everything through in a reserved, mature manner. If the kids in Silicon Valley did that, folly would never happen, and that would be a tragedy. 这是一种辉煌。而这也不是关于以一种克制、成熟的方式去思考一切。如果硅谷的年轻人都那样 做，愚行就永远不会 ...

要闻提示 NEWS REMIND 1.罗永浩透露华杉录音内容 ： 滑跪说自己丢了很多生意，脏话很多， 这人 两面三刀 2.曝中国一汽入股零跑最快年内签约，朱江明： 不放弃主导权！ 3.曝前东风高管余飞低调入职奇瑞！ 4. 大润发换帅！沈辉辞去执行董事、首席执行官，盒马前高管李卫平接任 5. 美团CEO王兴：坚决反对"内卷式"竞争，外卖价格战不可持续，有信心捍卫市场地位 6. 关海涛称拒绝所有的车圈邀请：最深的情感都给了极氪 7. 特斯拉前高管爆料：特斯拉曾拆解多款中国电动汽车，并在部分车型上借鉴了相关做法 8. 前CEO基辛格吐槽Intel董事会：开除了我但还在执行我的战略 今日头条 HEADLINE NEWS 罗永浩透露华杉录音内容： 滑跪说自己丢了很多生意，脏话很多， 这人 两面三刀 11 月 30 日，针对外界高度关注的"罗永浩为何迟迟未公布华与华录音"一事，罗永浩在29日直播中回 应，暂缓公布主要有两个考量：一是近期香港发生火灾事故，此时进行网络争吵或官宣均不合时宜；二是 公司在下周一（12月1日）将有"大的正事"进行官宣，不希望被这类吵架扯皮的八卦事件转移公众注意 力。罗永浩在直播中直言，等到周一的 ...

Core Insights - The stock market experienced a sell-off in November after five months of gains, attributed to profit-taking and sentiment rather than poor corporate earnings [1][2] - This pullback has created investment opportunities in both technology and non-tech sectors, particularly for value investors [2] Company Summaries Intel (INTC) - Intel's stock has increased approximately 90% this year, yet it trades below book value and its all-time highs [3][4] - The company has faced challenges, including falling behind in process technology and missing the AI boom [4] - New CEO Lip-Bu Tan has a successful track record and strong knowledge of the AI ecosystem, which could benefit Intel [5] - Intel is ramping up its 18A node, which could lead to significant upside if successful [7] - Despite current losses in its foundry business, management expects it to break even by the end of 2027 [8] - The stock is trading at around 18 times its projected 2027 operating earnings, with potential for growth as its 18A chips become competitive [9] SharkNinja (SN) - SharkNinja's shares have recently sold off, but the company has managed to grow gross margins through price increases and cost efficiencies [10][11] - Revenue grew by 14.3% last quarter, with all major product categories showing growth [12][13] - The company has increased its guidance for revenue and adjusted earnings per share, with analysts predicting 15.5% earnings growth in 2026 [14] - Despite upcoming tariff impacts, SharkNinja appears undervalued at 23 times trailing earnings [15] Hudson Technologies (HDSN) - Hudson Technologies is trading at around 13 times earnings and has nearly $90 million in cash, representing about 30% of its market cap [16][17] - The stock sold off after the announcement of CEO Brian Coleman's departure, despite beating earnings expectations [17] - The company is exploring expansion into complementary business lines, which may involve using cash for acquisitions [19] - New CEO Kenneth Gaglione has relevant experience that could lead to success for the company [20][21]

大家早上壕！ 先看海外要闻： 美股上周五集体上涨，道指收涨0.61%、纳指收涨0.65%、标普500收涨0.54%；微软收涨 1.34%，特斯拉涨0.84%，英伟达收跌1.91%，苹果收涨0.47%，亚马逊收涨1.77%，Meta收涨 2.26%，谷歌A收涨0.07%。 英特尔暴涨10%，据TrendForce 报道，谷歌已经决定在2027年的TPU v9 AI芯片上试用英特 尔的EMIB先进封装技术，Meta也在积极评估把自家MTIA AI芯片交给英特尔EMIB封装。 郭明錤发布最新预测称，英特尔将最快从2027年开始交付的低端M系列芯片。 美光科技将在日本投资96亿美元生产AI存储芯片。 甲骨文等再贷380亿美元，"OpenAI链"数据中心圈子累计负债已达1000亿美元。 欧航局未来三年预算约221亿欧元，创历史新高。 美战机在委海岸附近盘旋 委防长称"战争即将来临"。 纽约期银周五涨约6.5%突破57美元创历史新高。 国内重大事件汇总： 1、证监会就推出商业不动产投资信托基金试点草案公开征求意见，明确商业不动产REITs 监管职责。 2、工信部召开动力和储能电池行业制造业企业座谈会 依法依规治理动力和储 ...

扬子晚报网12月1日讯(记者范晓林)今天是周一，上周五金富科技（003018）5连板，茂业商业 （600828）4连板，海欣食品（002702）、海王生物（000078）3连板，梦天家居（603216）8天6板。全 市场成交额1.59万亿元，较上日成交额缩量1254亿元。全市场超4100只个股上涨。板块题材上，钛白 粉、乳业、商业航天板块活跃。梦天家居、雷科防务（002413）实现反包涨停，消费股海欣食品盘中上 演"地天板"，昨日缩量反包涨停的国晟科技（603778）也继续实现连板晋级，短线人气在昨日触及冰点 后得以展开强修复。分析认为，热点大概率仍维持快速轮动的主基调。 榕基软件：目前经营情况正常不存在公司应披露而未披露的重大事项 榕基软件（002474）(002474.SZ)公告称，公司股票交易价格连续3个交易日内收盘价格跌幅偏离值累计 超过20%，属于股票交易异常波动情形。经核实，公司前期披露信息不存在需要更正、补充之处，近期 经营情况正常，内外部经营环境未发生重大变化，公司、控股股东及实际控制人不存在关于公司的应披 露而未披露的重大事项。 B.外围市场 纳指收涨0.65%英特尔大涨10% 上周五美股因 ...

年末岁尾，当多数人还在揣测美股是否会迎来一波深度调整时，市场却以出人意料的强劲姿态展开反弹，三大股指携手走出罕见的五连阳。这场气势如虹的 反弹浪潮，其核心推动力并非一直备受瞩目的AI巨头英伟达，而是几年前在人工智能竞赛中略显颓势的英特尔，这着实令人惊讶。 市场情绪一夜之间实现逆转。此前，投资者还因市场波动加剧以及潜在的"熊市"而忧心忡忡，而近五个交易日，乐观情绪占据主导，纳斯达克指数本周累计 上涨近5%，标普500指数上涨超过3.7%，道琼斯工业平均指数也上涨了3%以上，三大指数距离历史最高点仅一步之遥。 | 腾讯音乐 | 18.450 2.56% 0.46( | | --- | --- | | TME | | | 搜狐 | 15.420 2.25% 0.34( | | SOHU | | | 怪兽充电 | 1.380 2.22% 0.031 | | EM | | 对利率变动最为敏感的两年期美国国债收益率应声下跌，借贷成本下降的预期，为那些依赖未来现金流的科技成长型公司提供了绝佳的上涨理由。 科技股板块彻底被点燃，用"全面爆发"来形容毫不为过。 科技概念板块涨幅榜呈现出一片欣欣向荣的景象：数字货币概念股一马当先 ...